Shares in Serabi Gold (AIM:SRB, TSX:SBI) are glittering after the company issued a positive update from its Coringa development project in northern Brazil, including successful ore sorting test work.
Chief executive Mike Hodgson said: “The results from Coringa continue to be excellent and it is particularly pleasing to demonstrate that ore sorting works so well and in addition to achieve an impressive metallurgical recovery of 96%.
"While these processing results are in line with our expectations based on the significant metallurgical test work that has been completed, achieving gold recovery of 96% on a bulk sample through our full-scale processing facility is a major step in further de-risking Coringa.
"The ability to sort the Coringa ore also brings significant economic benefits, reducing the waste material passing through the plant and therefore processing cost and the volume of tailings generated."
Serabi shares are up 7.09% at 42.3p.
12.41pm: Churchill China (AIM:CHH) sees record demand continuing
Churchill China (AIM:CHH) investors are bullish after a positive annual meeting statement.
Alan McWalter, chairman of the ceramic products business, told shareholders: ""In our preliminary results, announced on 21 April 2022, we advised that we were experiencing record demand across our geographic markets.
"I am pleased to report that this demand has continued and our order book remains healthy. We remain confident in our ability to deliver an improved year on year performance in 2022."
The upbeat news has lifted its shares 3.5% to 1449p.
11.58am: Xeros Technology down on concerns about short term performance
Xeros Technology Group PLC (AIM:XSG), the firm behind a polymer bead cleaning system used to make washing machines greener and more efficient, has seen its shares spin lower.
The company said full year revenue increased by 23.1% to £0.5mln while losses edged down from £6.8mln to £6.3mln.
But it said a number of issues had hampered its hopes of moving out of the red.
Chairman Klaas de Boer said: "Long term trends do remain very favourable for Xeros. France has legislated for mandatory in-machine filtration devices from 2025 and in the UK similar legislation is in preparation.
"Expectation is that the EU and the US (led by California) will follow. In parallel, the unsustainable ecological footprint of the fashion/apparel industry is coming under increasing public scrutiny. And finally, the shift towards ESG investing will continue in spite of issues around greenwashing.
"The nearer term external environment, however, remains out of our control, very challenging and unpredictable: COVID-19 continues to disrupt operations in China, there is a major war going on in Europe, supply chains remain stretched, and we have rampant inflation.
"In 2021, Xeros' partners in India and China continued to suffer significant delays in their efforts to commercialise Xeros' technology, with very little ability for Xeros to support those partners on the ground. This has negatively impacted our pathway to profitability."
In March the company said it would need further financing before its anticipated breakeven in 2024, and de Boer added: "The board decided not to initiate a fundraise immediately following that announcement, as it wanted to provide more evidence regarding the path to profitability."
In the market its shares are down 14.46% at 35.5p.
This will not please de Boer, who drew a comparison with Amazon's comments in 2000 about a disconnect between its share price and its performance.
He said: "Amazon's share price was down 80% year on year, whereas the business had made very significant progress on all main metrics. Today, Xeros' shares are showing a similar trend, yet the company has made tremendous progress over the past 12 months. The analogy with Amazon is, however, far from perfect. Amazon was able to communicate quantifiable financial and commercial metrics, whereas, in the case of Xeros, most of the progress, although substantial, is less quantifiable, and we are not in a position to communicate specifics (yet)."
10.20am: Bonhill ahead after trading update and disposal plans
Bonhill Group PLC (LSE:BONH), the B2B media business, is doing better after a trading update and disposal news.
The company said first half revenues would be up around 9% with a loss of £1.3mln, with operating cost savings offset by salary increases, the planned increase in National Insurance contributions and general inflation, especially in the UK.
As of mid-June the firm has secured 58% of its revenue target for the full year, which is broadly in line with the position at the same time in 2021.
Meanwhile, after recent managment changes, the company has decided to sell its Business Solutions & Governance division - whose brands include SmallBusiness.co.uk, GrowthBusiness.co.uk, Information-Age.com, and DiversityQ - to concentrate on financial services. The latter accounts for around 85% of its total turnover.
It has already received a number of unsolicited expressions of interest from third parties to acquire the division.
Patrick Ponsford, Bonhill's interim group chief executive, said: "After a slow start to the year, I'm pleased with the performance of the group, which is in line with the board's expectations, and look forward to a stronger second half. The proposed disposal of the Business Solutions & Governance division will enable us to focus solely on financial services and play to our strengths."
Interim executive chairman Jonathan Glasspool added: "We are excited by the opportunities and financial performance that the new streamlined business presents; a more focused business; less capital intensive; higher margins and less complex. We believe that shareholders will see significantly enhanced returns once the disposal is complete."
Bonhill shares are up 4.35% at 6p.
9.44am: Provexis (AIM:PXS) boosted by new arrangements for Fruitflow product
Provexis (AIM:PXS) is looking healthy after new agreements for its Fruitflow heart-health solutions ingredient with partner DSM Nutritional Products.
The original deal with DSM runs out at the end of this year, and now the two have agreed that DSM's existing and pipeline customers for Fruitflow will transfer to Provexis (AIM:PXS).
A royalty will be paid to DSM on the gross profits generated from Fruitflow sales to transferred customers over the first four years of the agreement.
Provexis (AIM:PXS) said the profits under the new deal would be materially ahead of the share it would have made under the existing arrangement.
A new partnership with DSM has also been agreed relating to the use of Fruitflow to confer health benefits in modulating the gut microbiome of humans. A patent application has been filed, and the two firms are keen on an early commercial launch of products based on this technology.
Meanwhile plans for a launch of Fruitflow-based products in China are also progressing.
Provexis (AIM:PXS) also said its full year results are expected to show revenues of £426,000 and a reduction in losses fro £225,000 to £173,000.
Its shares have jumped 16.28% to 1p.
8.45am: System1 lifted by plans to return cash to investors
Marketing and brand consultancy System1 Group (AIM:SYS1) is in the spotlight after unveiling plans for new payouts to shareholders.
The company had suspended dividend payments and buybacks during the pandemic, but recently spent £0.6mln on buying shares.
Now, with £8.7mln in the bank, it has decided to pay annual distributions to investors via buybacks or tender offers rather than dividends.
It said: "The distribution policy will be progressive, taking into account underlying business performance. It is expected that the absolute level of distribution for the year end 31 March 2023 will be between 30 - 40% of through-the-cycle profit after tax. The board is comfortable that this policy will support continued investment in the business, provide funds for potential in-fill acquisitions to supplement organic growth and will deliver returns to shareholders."
It also plans to return up to £1.5mln of excess cash by way of a tender offer "at the earliest opportunity" after its results on July 12.
The news has lifted its shares by 5.09% to 289p.
Elsewhere Thor Mining PLC (AIM:THR, OTC:THORF, ASX:THR) has gained 9.52% to 0.58p after drilling approvals were granted on its Wedding Bell and Radium Mountain Projects, located in the uranium-vanadium mining district in southwest Colorado.
Nicole Galloway Warland, managing director of Thor Mining, said: "Thor is delighted to have all permits now in place for our proposed upcoming drilling program. Based on my recent site visit I am very encouraged by the extent of mineralisation observed and the project overall prospectivity. Drillholes holes are now pegged and final drilling preparation underway.
"We look forward to getting on the ground and testing these shallow high-grade targets, especially Section 23, where Thor will be the first company to access and drill test this highly prospective area."